LOANS FOR LOCAL BODES

Hawera & Normanby Star, Volume XLI, Issue XLI, 15 October 1921, Page 7

LOANS FOR LOCAL BODES

POWER TO INCREASE INTEREST

<BT TELKQBAPH—PRESS ASSOCIATION.) WELLINGTON, Oct. 14. In the House to-night the Hon. W. D Stewart moved the second reading of the Local Bodies- Loans Amendment Bill, whien he explained was designed to remedy difficulties now facing local bodies in the matter of finance. It was proposed to extend the time for exercising authority to borrow from two to five years, and to permit Interest up to seven per cent, to be paia by local bodies on. loans.

Mr. T. K. Sidey (Dunedin South) said the principal concern of local bodies was to get money, aiad *o 'long as the Government • was behind 'local bodies this Should not be difficult to do 4.

The Bill was read a second time ion the voices.'